Kevin Warsh: “Change isn’t easy, change is filled with risk. But our number one goal is to get monetary policy right.”

The plain fact is that inflation is too high, and has been for too long.

Too many categories are still posting increases above 3 percent on both a six and 12-month basis.

The Fed will have 'work to do' if price pressures do not ease.

But what we can do and will do is ensure that any change in relative prices don’t broaden out, don’t have second and third order effects on the economy.